Inside Gaming: MGM Springfield Ahead of Schedule, Opening in August
This week's Inside Gaming starts by sharing news of this summer's (earlier than planned) opening date for MGM Springfield, tells of a couple of moves made by Caesars this week in Indiana and Mexico, and provides a brand new update on the progress of casino legislation in Japan.
MGM Springfield Announces Opening Date
MGM Springfield now has an opening date �� August 24. That's ahead of the original schedule to open in September. MGM Resorts International made the announcement on Thursday regarding its new $960 million casino.
The Hartford Courant notes how the announcement comes in the context of recent speculation regarding MGM's possible interest in the partially built Wynn Boston Harbor property. As we shared here two weeks ago, The Wall Street Journal has reported that MGM and Wynn were in discussions regarding a possible sale of the $2.5 billion property.
As the Hartford Courant explains, the MGM's potential interest in the Boston property raised some eyebrows since "casino companies can only operate one of three state-licensed gambling venues in Massachusetts," a factor that led analysts to speculate "a sale of the Springfield casino was the most likely option for MGM should it seek to buy the Wynn venue."
But yesterday's announcement came with a reaffirmation from MGM of its commitment to Springfield. "We believe in it," said James Murren, chairman and CEO of MGM Resorts, alluding to MGM Springfield. "We think we're going to make a lot of money there. And we think the people of Springfield are going to be very happy."
MGM estimates "between 75 and 80 percent of the construction is now substantially complete," putting MGM Springfield slightly ahead of its schedule. Near the location highway construction is also scheduled to be finished in time for the opening.
MGM Springfield's casino will feature a 125,000-square-feet of gaming space with 2,550 slot machines and 120 tables. Other amenities include a six-screen movie theater, a bowling alley, and a skating rink.
Regulators Approve Horseshoe Southern Indiana Move to Dry Land
The Horseshoe Southern Indiana �� a.k.a. "The Boat" �� is moving ashore.
On Tuesday Caesars Entertainment Corp. received unanimous approval from the Indiana Gaming Commission to move its riverboat casino inland, reports the Evening News and Tribune.
A new $85 million facility will be constructed with a 100,000-square-foot elevated casino, restaurants, an entertainment venue, and retail outlets. Current plans are for the new casino to open in the second half of 2019.
"By moving the casino operations to a new building, we are able to give guests a fresh, new modern casino and an enhanced experience," explained Brad Seigel, senior VP and general manager of Horseshoe Southern Indiana. "Integrating the food, entertainment and gaming outlets in one area builds upon the high-quality experience that guests expect from our property."
The move inland was "made possible by a 2015 law that allows riverboat casinos to move to dry land as long as they stay within their existing footprint." The new property will be connected to the current Horseshoe pavilion with its restaurants and stores.
Caesars Expands Non-Gaming Offerings With New Hotel in Mexico
There was other news from Caesars Entertainment Corp. this week as well as the company announced plans on Wednesday for a new hotel in Puerto Los Cabos, Mexico. Groundbreaking for that project is scheduled for the first half of 2019, reports KTNV.
The beachfront property will feature 500 rooms and suites and a 40,000-square-foot convention center, as well as an entertainment venue, multiple restaurants and pools, a large spa and fitness center, tennis courts, and two golf courses.
The Mexico property goes along with Caesars' larger strategy to expand its non-gaming offerings. Earlier this month Caesars Entertainment Corp. announced plans to manage its first two non-gaming resorts in Dubai in the United Arab Emirates where gambling is banned.
At the time, Bob Morse, president of hospitality for Caesars, told Reuters the company "had expanded its development team for non-gaming business in recent months and was looking at Asia as well as the Middle East, Europe and the United States."
Japanese Government Sends Casino Bill to Parliament
Finally, we've been looking in more frequently of late on the proceedings in Japan where leaders have been contemplating the terms by which to legalize "integrated resorts" and introduce casinos to the Asian country.
As GGRAsia reports, today the Japanese government endorsed a bill that establishes in broad terms the regulatory framework for the new industry. The new Integrated Resorts Implementation Bill has now been forwarded to the Diet, the country's parliament, for a vote.
The bill proposes a tax rate of 30 percent on gross revenue generated by the casinos in the new "IRs." The bill also sets an entry fee for locals to gain 24-hour access to an IR at 6,000 Japanese Yen (or about $55 USD), and limits casino visits by Japanese citizens to three visits a week and 10 visits per month.
Such measures relate to the government's concerns to prevent problem gambling, a point made clear by Prime Minister Shinzo Abe in a meeting on Friday.
"We will promote tourism with visitors from all over the world spending days [at the IRs] while taking complete measures to address various concerns including gambling addiction," said Abe.
Abe hopes for the bill to pass the Diet at some point during the current legislative session that ends on June 20.
After that it will still be some time before the first IRs open in Japan. Ichiro Matsui, governor of Osaka, estimated earlier in the week that if the country's parliament does approve the IR Implementation Bill, the first casino resort could open in that prefecture in 2023.
Image: MGM Springfield.
